Currency exposure

Currency exposure

Currency exposure

Because of the its international operations, SAS is exposed to the fluctuations of several currencies. Currency exposure is managed by hedging on an ongoing basis 40-80% of SAS’ deficit currencies based on a 12-month rolling liquidity forecast.

SAS has on balance a number of surplus currencies, with deficits mainly in USD. The reason for that is that expenses such as jet fuel, aircraft leasing and many spare parts are prices in USD. SAS’ main revenue currencies are NOK and SEK.

Estimated currency breakdown, net, of operating income (EBITDA) in November 2013 – October 2014

Surplus currency Value MSEK Deficit currency Value MSEK
NOK 6,100 USD 10,300
SEK 4,100 EUR -800
GBP 600
JPY 500
DKK -0
Other 1,200

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